The Integration of the SDGs into Monetary Policy and the Green Transition
持続可能な開発目標の金融政策とグリーン移行への統合 (AI 翻訳)
Valentina Vasile, Otilia Manta, Aurora Moldoveanu (Cojocariu), Boni Mihaela Străoanu
🤖 gxceed AI 要約
日本語
本論文は、中央銀行が低炭素経済への移行を支援する役割を拡大していることを分析する。気候関連リスクが物価安定や金融安定に影響を与える中、持続可能な開発目標(SDGs)を中央銀行の分析枠組みに統合する重要性を強調。ECBの気候行動計画やNGFSシナリオを用いて、気候リスクの定量化と金融政策への組み込み方法を提示する。
English
This paper examines central banks' evolving role in supporting the low-carbon transition under SDG frameworks. It highlights how climate risks affect core mandates like price stability and financial stability, and explores integration of SDGs into central bank analysis. Using ECB and NGFS scenarios, it proposes methods to quantify climate risks and incorporate them into monetary policy and supervision.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本銀行は気候変動対応で遅れをとっているが、本論文はECBの先進的な取り組みを紹介し、今後の日本の金融政策への示唆を与える。特にNGFSシナリオやストレステストの活用方法は、日本の中央銀行関係者にとって参考になる。
In the global GX context
This paper provides a timely framework for integrating climate risks into central bank mandates, relevant to the global NGFS community and central banks worldwide. It offers empirical grounding for the ECB's climate action plan, contributing to the debate on how monetary policy can support the green transition without compromising stability.
👥 読者別の含意
🔬研究者:Offers a conceptual and empirical framework linking SDGs, climate scenarios, and central bank policy evaluation.
🏢実務担当者:Provides central bank staff with concrete methods for integrating climate risks into stress testing and portfolio management.
🏛政策担当者:Highlights the need for clear climate scenario standards and coordination between fiscal and monetary authorities.
📄 Abstract（原文）
This paper examines the evolving role of central banks in supporting the transition to a low-carbon economy within the framework of sustainable development objectives. While central banks are not directly responsible for climate policy, climate-related physical and transition risks increasingly affect their core mandates, including price stability, financial stability, and the resilience of the banking system. The study highlights the growing relevance of integrating Sustainable Development Goals (SDGs) into central banks’ analytical frameworks as a means of linking macroeconomic and financial dynamics with environ-mental and social transformations. Drawing on key institutional sources, including Eurostat’s SDG monitoring reports, NGFS Phase IV climate scenarios, and ECB and ESRB analyses, the paper explores how climate risks can be quantified and incorporated into monetary policy and financial stability assessments. It emphasizes the role of standardized climate scenarios and stress testing in evaluating both transition and physical risks, as well as the uneven distribution of these risks across sectors and regions. Furthermore, the paper discusses the ECB’s “Climate and nature 2024–2025” plan as a concrete step toward operationalizing climate considerations in monetary policy, supervision, and portfolio management. By combining SDG indicators with climate scenarios and stress test results, the research identifies potential synergies and trade-offs between sustainability objectives and central bank mandates. The findings contribute to a conceptual and empirical framework for assessing how central banks can support the green transition while maintaining macroeconomic and financial stability.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.20944/preprints202604.1169.v1first seen 2026-05-15 16:59:32 · last seen 2026-05-17 04:29:03
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